What is Conversion Rate Optimization?

Conversion Rate Optimization will make you money

Hi, I’m Anthony … a real life Conversion Rate Optimization Consultant right here in Atlanta.

There’s not a lot of real conversion rate optimization consultants because let’s face it … if there was such a thing as the Navy Seals or Army Rangers of digital marketing, it would be the conversion rate optimization consultant. It represents the highest digital marketing acumen and mastery of skill-sets. Here are 10 attributes of an expert conversion rate optimization consultant.

When I say Conversion Rate Optimization will make you money, I mean that literally. This blog post will give you a general understanding of the history, process and methodology of conversion rate optimization.

Conversion rate optimization is the scientific process of converting more website visitors into leads and customers. It is achieved through expert administration of the CRE Methodology™, user experience upgrades, A/B split testing, web analytics analysis, and other marketing techniques.

I started practicing conversion rate optimization in 2009, while working as the web marketing manager for a financial services company. I stumbled upon this interview by Aaron Wall from SEObook.com and it blew my mind. The article talked about a scientific approach to Internet marketing that is guaranteed to produce improved results … I was absolutely hooked. Over the next several weeks, I immersed myself into conversion rate optimization.

In less than 90 days, I was able to increase the financial services company’s online leads over 427% with conversion rate optimization techniques. Here is a link to the conversion rate optimization case study.

How conversion rate optimization became a digital marketing area of practice

The term conversion rate optimization was coined by Ben Jesson (an internet marketing expert) and Dr. Karl Blanks (a former Cambridge Ph.D. rocket scientist). The gentlemen were in-house marketers for an international telecom company back in the mid 2000s.

At the telecom company, Jesson and Banks combined their skill-sets and tripled the company’s sales within 12 months. They documented everything and developed a conversion rate optimization methodology, that has been tested and proven to grow online businesses.

Their company, Conversion Rate Experts, has worked with some of the largest websites in the world including Apple, Amazon, Facebook, Google, and Sony.

The conversion rate optimization is great for customer retention and customer acquisition

Digital Marketing Management IconOne of the very first articles published by Conversion Rate Experts was the Split-testing 101: A quick-start guide to conversion rate optimization. I was taken aback by how much valuable information these guys were giving away for free.

Most professional marketers would tell you, that it is far easier and more cost effective to focus on improving your existing marketing performance (customer retention), rather than to focus on acquiring new customers (customer acquisition). The split-testing 101 guide was a testament to that notion … it provides practical and pragmatic tips to improve a website’s user and customer experience.

According to a report by Frederick Reichheld of Bain & Company, the cost of customer acquisition versus customer retention could reach as high as 700%. Additionally, over a 5 year period, customer attrition rates could reach as high as 50%. While a businesses which boosted customer retention rates by as little as 5% saw increases in their profits up to 95%. Due to such research, that is why conversion rate optimization immediately appealed to me as an online marketer.

In the case study of the financial services company that I previously mentioned, they were producing over 20,000 website visitors per month. Traffic was not their problem. They needed more leads and transactions.  Lead generation was their problem. I needed to conversion rate optimize the 2oK monthly visitors to increase their leads and online revenue. I’m grateful to the ladies and gentlemen at Conversion Rate Experts for providing me with a methodology and road map.

The Conversion Rate Experts Methodology (CRE Methodology™)

The CRE Methodology™ is systematic and scientific process. It is beyond user interface, SEO, SEM, social media, copywriting, user engagement, information architecture and web analytics best practices. It is a series of long-term steps that need to be followed, measured and tested with precision. In summary, the CRE Methodology™ steps are as follows:

Step 1:

The Rules of the Game (and how to win at it): Coming up with your strategy, defining your long-term goals, and deciding how you’ll measure success.

Step 2:

Understanding (and tuning) existing traffic sources.

Step 3:

Understanding your visitors (particularly the non-converting ones).

Step 4:

Advanced market intelligence.

Step 5:

Spotting the hidden wealth in your business.

Step 6:

Creating your experimental strategy.

Step 7:

Designing your experimental web pages (your “challengers”).

Step 8:

Carrying out experiments on your website.

Step 9:

Transferring your winning campaigns into other media.

The CRE Methodology™ and conversion rate optimization is a proven approach for growing a business online. It is not a silver bullet solution, but with the required expertise and dedication to a long-term plan, it’s your best shot at winning.

I am not the creator of this methodology, nor am I affiliated with the Conversion Rate Experts company — but I am an evangelist of their work and online marketer who has successfully implemented their forumla.

All the best,

Anthony

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